The camera market is undergoing a significant transformation in 2023, as the demand for digital cameras is influenced by various factors, such as technological innovations, consumer preferences, and the COVID-19 pandemic. In this blog, I will provide an overview of the global digital camera market size, growth, trends, and key players in the first half of 2023, based on the latest data and reports from reliable sources.
Global Digital Camera Market Size and Growth
According to a report by Mordor Intelligence, the global digital camera market size is estimated at USD 5.14 billion in 2023, and is expected to reach USD 6.51 billion by 2028, growing at a compound annual growth rate (CAGR) of 4.85% during the forecast period (2023-2028). The report states that the market is studied based on the revenue generated from the sale of digital cameras across the world.
However, another source, Statista Market Forecast, provides a slightly different estimate of the global digital camera market size and growth. According to Statista, the revenue in the digital camera market amounts to USD 23 billion in 2023, and is expected to grow annually by 2.21% (CAGR 2023-2028). Statista also reports that most revenue is generated in China (USD 5.799 billion in 2023), followed by the United States (USD 4.218 billion) and Japan (USD 2.669 billion).
The discrepancy between the two sources may be due to different definitions and scopes of the digital camera market, as well as different methodologies and data sources. Therefore, it is important to consider multiple sources and perspectives when analyzing the market size and growth.
Global Digital Camera Market Key Players
The global digital camera market is highly competitive and fragmented, with many players vying for market share and customer loyalty. According to Statista Market Insights, some of the key players in terms of brand share in 2022 are:
These players are constantly innovating and launching new products to attract and retain customers, as well as expanding their distribution channels and marketing strategies to increase their visibility and reach. Some of the recent developments and announcements by these players are:
- Canon announced its new EOS M50 Mark II mirrorless camera in February 2023, which is an upgraded version of its popular EOS M50 model. The new camera features a 24.1-megapixel sensor, improved autofocus, 4K video recording, a vari-angle touchscreen, and enhanced connectivity options.
- Sony introduced its new Cyber-shot RX100 VII compact camera in April 2023, which is the seventh generation of its acclaimed RX100 series. The new camera features a 20.1-megapixel sensor, a 24-200mm zoom lens, a 180-degree tiltable LCD screen, a pop-up electronic viewfinder, and a fast hybrid autofocus system.
- Nikon launched its new Z fc mirrorless camera in June 2023, which is a retro-styled version of its Z 50 model. The new camera features a 20.9-megapixel sensor, a 3-inch vari-angle touchscreen, a built-in electronic viewfinder, and a range of dedicated dials and buttons for manual control.
- Fujifilm unveiled its new GFX 100S medium format mirrorless camera in January 2023, which is a smaller and lighter version of its GFX 100 model. The new camera features a 102-megapixel sensor, a 3.2-inch tilting touchscreen, a 3.69-million-dot electronic viewfinder, and a five-axis in-body image stabilization system.
Conclusion
The global digital camera market is undergoing a dynamic and exciting phase in 2023, as the demand for digital cameras is influenced by various factors such as technological innovations, consumer preferences, and the COVID-19 pandemic. The market size and growth estimates vary depending on the source and methodology, but the general trend is positive and promising. The market trends and drivers include the increasing popularity of mirrorless cameras and high-speed cameras, which offer superior performance and functionality over traditional DSLR cameras and low-speed cameras. The market key players include Canon, Sony, Nikon, Fujifilm, Panasonic, Olympus, and others, who are constantly innovating and launching new products to compete and differentiate themselves in the market.